German financial regulator hits Citigroup with fine over trade error [Yahoo! Finance]
Citigroup, Inc. (C)
Last citigroup, inc. earnings: 4/15 08:00 am
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Source: Yahoo! Finance
In May 2022, a trader at the bank had briefly triggered turbulence on several stock exchanges with a false entry in the bank's system. According to earlier information from the UK Financial Conduct Authority (FCA), the man actually wanted to sell securities worth $58 million, but actually put a block of shares worth $444 billion up for sale. The bank's control systems prevented some of the unwanted sales, but not all of them. In the end, shares worth around $1.4 billion were sold on European stock exchanges before the trader cancelled the order. The mistake triggered a five-minute sell-off on the OMX Stockholm 30 stock index and caused chaos on exchanges from Paris to Warsaw. The Frankfurt-based subsidiary Citigroup Global Markets Europe AG has outsourced the monitoring and administration of computer trading to London, where the costly error occurred. However, according to BaFin, the Citigroup subsidiary is still responsible for the appropriate design of the trading system.
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C
Earnings
- 4/12/24 - Beat
C
Sec Filings
- 6/27/24 - Form 424B2
- 6/27/24 - Form 424B2
- 6/27/24 - Form FWP
- C's page on the SEC website